WebTech Wireless Inc. (TSX:WEW) has reported record revenue and a small net profit in its third-quarter, which ended October 31.
Revenue for the Burnaby developer of vehicle tracking technology rose 66% to $7.8 million, up from $4.7 million in 2007's third quarter. A $1 million foreign exchange gain helped the WebTech report a net profit of $70,000 compared with a net loss of $1.7 million a year ago.
Revenue growth came primarily from its U.S. sales and a stronger U.S. dollar.
The company also reported a $557,000 increase in its working capital from the second quarter and plans to suspend its share buyback program to further preserve cash.
WebTech's share price range during the past week: between $0.99 and $1.04; 52-week high: $4.11; 52-week low: $0.76.